Top Wholesale Reverse Mortgage Lenders
November 11th, 2008 | by admin Published in News, Reverse Mortgage, Top HECM Lenders | 5 Comments
Reverse Market Insight recently published its ReverseIQ Newsletter which included a list of the top wholesale reverse mortgage lenders through July 2008. The numbers might surprise you a bit, so check out the list below.
When I saw the numbers I was surprised by 2 things.
- Financial Freedom – I didn’t realize how much they dominated the wholesale business a year ago. Yet even after losing almost 50% of its volume compared to last year, they’re still #1. That’s impressive with everything that IndyMac has gone through.
- JB Nutter – I didn’t expect them to be #2. Of all the wholesale lenders, they tend to keep a pretty low profile compared to most and it seems to be working. For example, take a look at their website and you won’t see anything about offering wholesale.
Overall I think it will be an interesting year for wholesale lenders since everyone is offering pretty much the same products. The days of proprietary products seem to be gone for a while, so wholesalers will all be competing for HECM business.
Luckily, even with proprietary products gone, there should be plenty of new business out there with the new loan limits and other aspects of HERA becoming active in the near future… the million dollar question is, what do they need to do to get it and pick up market share?
To sign up for Reverse Market Insights newsletter head over to their website.
Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Top HECM Lenders,Financial Freedom
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November 12th, 2008 at 7:26 am (#)
It seems that service and turn around times from app to closing are the only edge.
November 12th, 2008 at 10:27 am (#)
Are you sure that the decimal points for the statistics are in the right places?
An already established Top 10 Lender, B of A, with a 589,400% growth rate??
That’s more like what we hear about as the inflation rate in Nigeria.
November 12th, 2008 at 11:11 am (#)
Bill,
Nice comment, I double checked the data from RM Insight and thats what they have….
November 12th, 2008 at 12:08 pm (#)
I just had a broker working through JB Nutter offer a 1 year CMT HECM with a 1.75 margin with a 1% origination fee. That is the second low ball deal I have seen come out of a JB Nutter broker. That is how they are getting their market share.
Is the rumor fact, JB Nutter is for sale?
November 12th, 2008 at 12:21 pm (#)
Until HUD/FHA allows HECM loans regardless of the FHA appraised value, when are the “smart” people of the Banking, Mortgage, Insurance Industries going to figure out how with private insurance to provide Jumbo Reverse Mortgage Loans again? I’m curious if the really knowledgeable people know what the profit/loss ratio is on Reverse Mortgage Jumbo loans historically? I suspect our current Wall Street/Banking problems have cause a liquidity catastrophe which has adversely affected Reverse Mortgage Jumbo loans, but I curious if it is due to losses as well? Anyone know of any reputable studies
ever done? or know the answers?